EcoCash swing back into profitability. TECHNOLOGY outfit Ecocash Holdings
chairperson Sherree Shererni has projected that the Zimbabwean Stock Exchange listed firm is in for exciting times, after financial statements for the half year to August 31, 2021 showed it had bounced back into profitability defying “environmental headwinds.” Ecocash lifted inflation – adjusted pre-tax profit to 911.1 million in the six months, rising from 106.2 million loss during the comparable period. Operations were boosted by an aggressive digital transformation strategy, which was also acknowledged by key unit Steward Bank last week. Revenue swung up $45.4 billion a 6.8% rise from $42.5 billion in 2021, as it tracked inroads from Steward Bank which consolidated its forex earning capacity after approving United States dollar loans. Ecocash, which superintends over leading tech – based brands, see fresh opportunities on the Zimbabwe market where it would be deploying “transformational innovations in the pipeline” to build the business. Several such innovations came onto the market during the review period, including Ecocash Bill Manager, which signed up over 200 000 customers.
Zimpapers third–quarter revenue jumps14pc
Zimbabwe Newspapers (Zimpapers), the country’s largest and listed diversified media group recorded a 14% growth in
revenue in the three months to September 2022 compared to the previous quarter, despite subdued volume growth recorded in selected business divisions, Chief Executive Pikirayi Dekete has said. On a year to date basis revenue grew by 67% to $12,7 billion in hyperinflation terms. Reduced spending resulting from the measures instituted by the government to stabilize the exchange rate and term resurgent inflation saw the group recording subdued advertising volumes in its digital and publishing divisions. This was however partially offset by an improved performance by the group’s commercial printing division, which benefited from uninterrupted availability of raw materials.
ZSE extends losses as blue chips loses more ground
The performance indicators were under pressure as most of the heavyweight counters continued to lose ground during midweek trading. Losses in blue chips, Delta, Innscor, Simbisa, and Axia were able to offset increases in OK and Econet. The mainstream All Share Index dropped - 0.93% to 13,808.13, and the blue chip index, the ZSE Top 10 dipped 1.41% to 7,826.89. The telecommunications giant, Econet dominated the volume and value charts, trading $63 million worth from 885 thousand shares. Medium-sized companies dominated the stocks on the move, with Edgars surging 6.40% to settle at $8.00 and African Sun advancing 5.86% to conclude at $25.91.
Gains were countered by losses as Zimplow dropped by 9.14%, Ariston continued to trade in the red, losing another 8.29%, and listed banking behemoth CBZ ended the day down by 7.69% at $120.00.
The OMTT, which rose 14.91 percent to close at $6.31 on the ETF trading board, and the MIZ, which rose 7.19 percent to settle at $1.20, were the two biggest mover. At $1.62, the DMCS finished with a 0.40% firmer.
On the waterfall bourse, the VFEX All Share Index closed the day 0.95% firmer.